May 20, 2006 |
Fannie Mae, the mortgage finance company restating $10.8 billion in accounting errors, named former Financial Accounting Standards Board Chairman Dennis Beresford as a director and head of the board's audit committee. Beresford will replace Thomas Gerrity, who will leave by year-end after serving since 1991.
May 24, 2006 |
Federal regulators issued a blistering report about mortgage giant Fannie Mae on Tuesday, alleging accounting manipulation aimed at lining executives' pockets and lies to investors about smooth growth in earnings. The government-sponsored mortgage company was fined $400 million and agreed to limit its growth.
March 7, 2007 |
Federal Reserve Chairman Ben S. Bernanke urged Congress on Tuesday to bolster regulation of mortgage giants Fannie Mae and Freddie Mac and suggested limiting their massive holdings to guard against any danger their debt poses to the overall economy. Bernanke has previously supported efforts to pare the two mortgage companies' huge portfolios.
December 15, 2008 |
Mortgage company Fannie Mae will allow tenants to remain in their homes and avoid eviction should the building's landlord go into foreclosure, according to a report Sunday by the Wall Street Journal. Fannie Mae, a government-controlled mortgage finance company, previously had said it would not evict tenants during the year-end holiday season. Despite that pledge, it came under pressure from a legal-aid group that threatened to sue over recent evictions in Connecticut, the newspaper said.
May 7, 2008 |
Fannie Mae posted a massive quarterly loss, its third straight, on the protracted U.S. housing market slump, prompting it to slash its dividend and set plans to raise $6 billion of fresh funds. Still, executives of the largest U.S. provider of home financing expressed optimism Tuesday that the worst of the credit turmoil that erupted from the housing crisis might have passed. Their comments triggered an 8.9% rise in Fannie Mae shares and supported a wider advance in U.S. stocks.
August 25, 1999 |
The nation's largest provider of mortgage funds is expected today to announce a $6-billion, five-year plan to help up to 60,000 low- and moderate-income families buy homes in Orange County, the most expensive housing market in the Southland. The program, House Orange County, is backed by the Federal National Mortgage Assn., or Fannie Mae, and is one of the largest efforts ever to address the county's growing housing affordability problem.
February 24, 2005 |
Fannie Mae on Wednesday said its regulator had identified new issues with the mortgage giant's accounting, raising fresh questions about how big the company's problems may become before they are resolved. The new issues reach to the very base of Fannie's accounting practices, analysts said, noting problems with journal entries and Fannie's decision to start a "bottom-up" review of its accounting functions.
April 21, 2005 |
The chief executives of Fannie Mae and Freddie Mac told a congressional panel that the U.S. housing market would attract less foreign investment if Congress forced the mortgage finance companies to reduce their $1.5-trillion loan portfolios. Foreign investors have bought one-third of the benchmark securities issued by Washington-based Fannie Mae over the last six years, Fannie Mae interim Chief Executive Daniel Mudd said in testimony before the Senate Banking Committee.
September 4, 2005 |
Fannie Mae has put mortgage relief provisions in place for borrowers in states facing hardships as a result of Hurricane Katrina. The provisions include suspending mortgage payments for up to three months, reducing payments for up to 18 months or, in more severe cases, creating longer loan payback plans. Such assistance will be provided on a case-by-case basis.